Callon Acquires Additional Working Interest In 'Boomslang' Deepwater Discovery.NATCHEZ, Miss.--(BUSINESS WIRE)--Dec. 2, 1999-- Callon Petroleum Company (NYSE NYSE See: New York Stock Exchange : CPE (Customer Premises Equipment) Communications equipment that resides on the customer's premises. CPE - Customer Premises Equipment ) (NYSE:CPE.PrA) announced today it has purchased Santos USA Corporation's 20 percent working interest in the Boomslang boomslang Venomous snake (Dispholidus typus) of the savannas of sub-Saharan Africa, the only species of its family that is decidedly dangerous to humans. When hunting, it lies in wait in a bush or tree for chameleons and birds; the forepart of the body often extends deepwater discovery on Ewing Bank Block 994 for $7.3 million. This brings Callon's total working interest in the well to 55 percent. In September 1998 the initial test well drilling Well drilling is the process of drilling a hole in the ground for the extraction of a natural resource such as ground water, natural gas, or petroleum. Drilling for the exploration of the nature of the material underground (for instance in search of metallic ore) is best described the Boomslang prospect logged approximately 185 net feet of pay in three separate zones. Murphy Exploration & Production Company, a subsidiary of Murphy Oil Murphy Oil Corporation NYSE: MUR is a petroleum corporation. It is a S&P 500 company. In 2007, it was ranked as the 169th largest company in America on the Fortune 500. The current President & CEO is Claiborne Deming. Corporation, which has a 45 percent working interest, is the operator at Boomslang. Callon and Murphy anticipate drilling a delineation well mid-2000. The results of this delineation drilling could substantially increase proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. associated with the discovery. Callon also owns a 15 percent working interest in five contiguous blocks that Murphy operates. Callon Petroleum Company has been engaged in the exploration, development, acquisition and operation of oil and gas properties in the Gulf Coast region since 1950. This news release contains projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved and actual results could differ materially from those projected as a result of certain factors. |
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